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HOUSEKEEPING ITEMS
Customize webinar + webcam screen set up by using the drop-down arrows on the GoToWebinar Screen Viewer.
All attendees will stay muted. Please submit questions through the GoToWebinar Questions Pane using the following “buckets” at the front end of your question to help our panelists manage questions more efficiently: Workforce Technology Regulatory Cash Flow Human Resources
Slide deck available for download in the “Handout” section of the GoToWebinar panel.
Experiencing audio issues? Please use the dial in option that coordinates with your registration rather than computer audio.
Please note – all information presented today is based on what we know on April 7, 2020. This remains a fluid situation.
NEXT STEPS Next Town Hall Tuesday, April 14
01Visit COVID-19 section of website for additional insight and information
02Reach out to us via website “Contact” page
03
QUESTIONBUCKETS
WORKFORCE
TECHNOLOGY
REGULATORY
CASH FLOW
HUMAN RESOURCES
CASH FLOW
Poll Question #1
Have you seen a change in your projects/orders/workload? Yes, many things have been canceled.
Yes, many things have been delayed/postponed.
No change, business as usual.
Poll Question #2
How confident are you with your cash flow forecast? Very confident.
Somewhat confident.
Not very confident.
Not sure where to even start.
SBA LOANS:
The Who, What, When
Can start filing April 10, 2020
Self-Employed Interpreted as: Only employee itself
SMLLC with no other employees
Can start filing April 3, 2020
Sole Proprietor Interpreted as: No Corporate or Legal
Entity SMLLC Must have other
employees
SMALL BUSINESSES & SOLE PROPRIETORSHIPS
INDEPENDENT CONTRACTORS & SELF-EMPLOYED INDIVIDUALS
SBA LOANS:
The Details
Deferment: 6 Months Loan: Two (2) Years Interest: 1.0%
REPAYMENT
Payroll Rent Utilities Mortgage Interest
ELIGIBLE USES
SBA LOANS:
PAYROLL
COMPUTING PAYROLL Monthly Average Cost for 2019
WHAT IS CONSIDERED A PAYROLL COST? Wages, Salaries, Commissions, and Cash Compensation (capped at
$100,000 -annualized) Group Healthcare Benefits Sick, Parental, Vacation, Medical Leave Retirement Benefits Local/State Taxes on Compensation
COMPUTING PAYROLL FOR LLC MEMBERS Allocation of Earnings Subject to Self Employment Taxes Guaranteed Payments
SBA LOANS:
Forgiveness
75% of loan proceeds must be spent on payroll costs
Loan amounts will not be forgiven (or the amount forgiven will be reduced) if a business does not maintain its staff and payroll.
Number of Staff: Loan forgiveness will be reduced if a business decreases its full-time employee headcount.
Level of Payroll: Loan forgiveness will also be reduced if a business decreases salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
Re-Hiring: A business will have until June 30, 2020 to restore its full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.
SBA LOANS:
Underwriting Requirements
BUSINESS REQUIREMENTS In Operation on February 15, 2020 Dollar Amount of Average Monthly Payroll Costs Employee Count
SBA LOANS:
What tax documents do I need?
May Differ Depending on the Bank
2019 federal and state payroll tax filings Employment verification documentsW2s Supporting documents for other payroll cost
items Insurance Invoices & Retirement Contributions Form 1099s (for independent contractors)
Most Likely to Include:
SBA LOANS:
Helpful Links
BORROWER INFORMATION SHEET: https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
BORROWER APPLICATION: https://home.treasury.gov/system/files/136/Paycheck-Protection-
Program-Application-3-30-2020-v3.pdf
FAQ SECTION: https://home.treasury.gov/system/files/136/Paycheck-Protection-
Program-Frequenty-Asked-Questions.pdf
INTERIM FINAL RULE – DETAILED GUIDANCE: https://home.treasury.gov/system/files/136/PPP--
IFRN%20FINAL.pdf
Poll Question #3
Do you see opportunities for your business as a result of this disruption? Yes, we’ve already changed direction to create
opportunities.
Not yet, but we’re actively looking.
No, we are just trying to stay afloat.
WORKFORCE
FFCRA -Paid Sick Leave (PSL) and Extended FMLA Small Business Exemption (fewer than 50 employees)
Refer to DOL’s FAQs – Questions #58 & #59
PSL
Employee unable to work due to
COVID-19
Employee caring for a family member due
to COVID-19
Exemption NOTAvailable
PSL & EFMLA
Employee unable to work due to child’s
school closing
Employee unable to work due to childcare provider unavailable
Exemption Available
Employee Requests Time Off due to COVID-19
Employee Submits Request
Employer provides
employee with rights &
responsibilities
Employer verifies if request meets FFCRA criteria,
and requests additional supporting
documentation (if applicable)
Employer approves/denies
request
Employer notifies employee of approval or
denial
If employee approved,
employer should track separately
to take advantage of
available credits/grants
REGULATORY UPDATE
TECHNOLOGY
Poll Question #4
How comfortable are you with the security of your IT system in this remote environment? Very comfortable – we were prepared!
Somewhat comfortable – not 100% prepared, butadjusting.
Uncomfortable – we don’t know what we don’t know.
HUMAN RESOURCES
Poll Question #5
Will COVID-19 impact your approach to remote vs on-site employees? Yes, we will consider some or all of our employees
going remote.
No, we expect all of our employees to return to a physical office.
Culture Shift